Real estate companies. A new phase

With the entry into force of the new New Companies Law and its executive regulations, which includes all companies of various types, the real estate system in the Kingdom enters a new phase during which the provisions related to companies, whether commercial, non-profit, or professional, are organized into a single legislative document.

With the entry into force of the new New Companies Law and its executive regulations and its entry into force. What characterizes a good system is that it gives great flexibility to companies by removing restrictions related to all stages of establishment, practice and exit, as well as on company names and share trading, which was not clearly available in previous company regulations.

On the other hand, on the other hand, based on the implementation of all types of companies, the real estate system in the Kingdom enters a new phase. On the other hand, based on this legislative development, the Capital Market Authority (CMA) has been active in adopting six executive regulations for the new Companies Law in order to regulate issues and topics related to listed companies as one of the strategic objectives.

<Perhaps with the acceleration of the steps of digital transformation in general in all sectors in the Kingdom and in particular in the real estate system sector, this requires accelerating the development of the rest of the real estate legislative systems and activities associated with this sector, which is considered an economic train that drags more than 200 activities with it. We saw this in the tight articles of the real estate brokerage system, where only two days after its entry into force, the "Real Estate Authority" began to issue more than eighty-nine thousand real estate licenses, this large number achieved in record time indicates the great desire of real estate professionals to respect the regulations and seek to reconcile the conditions of the real estate sector. This step facilitates those granted these licenses to practice brokerage activity in completing real estate transactions between different parties, which in turn is fully in line with the accelerated pace towards digitizing the real estate system in the Kingdom and making it more attractive to local and international quality investment and also increases its competitiveness.

In conclusion: As a culmination of this system, we hope to organize an annual award for outstanding brokerage establishments, which will bring a spirit of competition and creativity to the sector.

We hope that an annual award will be organized for outstanding brokerage establishments, which will bring a spirit of competition and creativity to the sector.